onex.com
Search
Investor Information / How We Are Invested text size [+][]
How We Are Invested
Onex has invested its capital in private equity, real estate and credit securities while maintaining a prudent amount of cash to fund future investment opportunities.

Onex Capital
($ in millions)
As at

June 30, 2015

Dec. 31, 2014

Private Equity
Onex Partners
Private Companies(1)

$    2,421

$ 1,748
Public Companies(2)

23 

30

   Unrealized Carried Interest(3)

149 

115
ONCAP(4)

330 

292
Direct Investments
Private Companies(5)

55 

100
Public Companies(2)

209

210

$    3,187

$ 2,495
Onex Credit(6)

459  

366
Onex Real Estate Partners(7)

263

242

722

608
Other Investments

15

24
Cash and Near-Cash(8)

2,020

2,877
Debt(9)

Nil

Nil

$    5,944

$     6,004
Onex' Capital per Share
(June 30, 2015 - C$66.91; December 31, 2014 - C$62.77)
(10)(11)

$    54.72

$     54.11


(1) Based on the fair value of the investments in Onex Partners’ financial statements net of the estimated Management Investment Plan (“MIP”) liability on these investments of $51 million (December 31, 2014 - $40 million). 
(2) Based on closing price on June 30, 2015 and December 31, 2014.
(3) Represents Onex’ share of the unrealized carried interest on public and private companies in the Onex Partners Funds.
(4) Based on the fair value of the investments in ONCAP’s financial statements net of the estimated management incentive programs on these investments of $13 million (December 31, 2014 – $9 million) and a US$/C$ exchange rate of 1.2490 (December 31, 2014 – 1.1601).
(5) Based on the expected proceeds, including an earn-out component at June 30, 2015. Based on the fair value at December 31, 2014.
(6) Based on the market values of investments in Onex Credit Funds of $131 million (December 31, 2014 – $129 million), Collateralized Loan Obligations and the warehouse facilities for CLO-9 (closed early July 2015), CLO-10 and credit’s anticipated first European CLO of $328 million (December 31, 2014 – $237 million). Excludes $356 million (December 31, 2014 – $346 million) invested in a segregated unleveraged senior secured loan strategy fund, which is included with cash and near-cash items.
(7) Based on the fair values. During the first half of 2015, Onex invested $41 million in Flushing Town Center and sold two investments.
(8) Includes $356 million (December 31, 2014 – $346 million) invested in a segregated unleveraged senior secured loan strategy fund and $768 million of investments managed by third-party account managers.
(9) Represents debt at Onex Corporation, the parent company.
(10)
Calculated on a fully diluted basis. Fully diluted shares were 110.4 million at June 30, 2015 (December 31, 2014 – 112.9 million). Fully diluted shares include all outstanding Subordinate Voting Shares and outstanding Stock Options that have met the minimum 25% price appreciation threshold.
(11) The change in Onex’ Capital per Share is impacted by fair value changes of Onex’ investments. Share repurchases and options exercised during the period will have an impact on the calculation of Onex’ Capital per Share to the extent that the price for share repurchases and option exercises is above or below Onex’ Capital per Share.

Onex Corporation has no debt. Its policy is to preserve a financially strong parent company that has funds available for new acquisitions and to support the growth of its businesses.